英文摘要 |
The financial tsunami happened in 2008 has caused a global economic recession, which consequently made a global stock plunge seriously. This financial tsunami spread rapidly through over the world and sped up the financial deficit and governmental debt in European countries. In 2009, Greece was downgraded by three major credit rating agencies, as a result, the disaster – the European sovereign debt crisis commenced. This research aims to explore the impact of European sovereign debt crisis on Greater China. Event Study Method was employed in this impact on the stock market in Greater China. The research investigated three aspects: (1) Did abnormal returns occurrence in SSE(Shanghai Stock Exchange) when the European debt crisis. (2) Did abnormal returns occurrence in TAIEX when the European debt crisis. (3) Did abnormal returns occurrence in Hang Seng Index when the European debt crisis. Results show: Event Study Method also showed that European sovereign debt crisis contributed abnormal returns on the stock market of mainland China, Hong Kong and Taiwan; and the abnormal returns of desalinated over time resulting in numbness reaction. there were 16 abnormal returns in the event of 2010, comprised of 9 negative abnormal returns and 7 positive abnormal returns; with the shock and assault within two years, there were only 11 abnormal returns left, in which there were 4 negative abnormal returns and 7 positive abnormal returns; this results evidenced that European debt crisis did produce significant impact on Greater China. European sovereign debt crisis has swept around the world for two years and its remaining troubles seem to have no end, and the endless debt crisis seems not to paralyze investors’ reaction of Greater China anymore, on the contrary, the investors in this area are growing optimism for the future. |